The Japan Bank for International Cooperation (JBIC) and a group of Japanese banks have signed a $2.5bn project finance package for Umm Al-Houl Power (UHP) independent water and power project. UHP is a joint venture of Mitsubishi Corporation (MC) and Tokyo Electric Power Company (Tepco) with Qatar Petroleum, Qatar Electricity & Water Company, and Qatar Foundation for Education, Science and Community Development. JBIC and Abu Dhabi National Oil Company (Adnoc) have arranged a $3.3bn loan package, co-financed by a Japanese commercial bank group. JBIC is providing a $2.1bn tranche; the rest is provided by Citi Japan, Mitsubishi UFJ Trust and Banking Corporation, Mizuho, Sompo Japan, Nipponkoa Insurance, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust Bank.
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